MTS’ profits double in 2004; revenues up by 50%

23 Mar 2005

Russia’s leading GSM operator Mobile TeleSystems (MTS) yesterday that its net income for 2004 almost doubled year on year to reach over USD1 billion whilst revenues increased by over 50% to USD3.9 billion. MTS attributed the strong revenue and sales performance to the massive growth in its consolidated subscriber base, which reached 34.22 million by the end of December.

Singapore’s state investment agency, Temask, today reported that it had bought a 2.6% stake in MTS. The price of the sale is estimated to be around USD370 million, although no details have been confirmed.

Russia, Mobile TeleSystems (MTS)